first time homebuyer programs by state

 Summary List Placement
You may qualify for financial assistance from your state government if you’re buying your first home and have a low-to-moderate income.
If you get a mortgage from a participating lender, you can receive cash toward a down payment or closing costs, plus tax credits.
Some state first-time homebuyer loans are forgivable if you stay in the home for a certain amount of time; other states give grants, which you never have to repay.
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If you’re buying your first home, you might be eligible for financial assistance from your state government. States offer low-interest mortgages, cash for down payments and closing costs, and tax credits for borrowers at low-to-moderate income levels.

Find out what your state provides for first-time homebuyers:

Table of Contents: Masthead StickyPrograms in the Northeast
Connecticut

The Connecticut Housing Finance Authority gives loans for down payment assistance. You must borrow at least $3,000, but you can’t borrow more than the minimum down payment for your home.

You might find assistance specific to where you live through the Housing Development Fund.

Delaware

You can receive 2% to 5% of your mortgage amount as a loan from the Delaware State Housing Authority, and put that loan toward a down payment or closing costs. You won’t pay interest, and you’ll pay back the loan when you move, refinance, or pay off your mortgage. You can also get up to $2,000 per year in tax credits.

The DSHA also offers reduced interest rates on mortgages if you’ve graduated with a higher education degree in the last three years.

The Chenoa Fund will lend you up to 3.5% for a down payment, and you’ll repay the loan over 10 years.

Maine

MaineHousing offers up …read more

Source:: Business Insider

      

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